Bitcoin 1 million

A company accused of turning its customers in to an unaware Bitcoin mining army has settled with New Jersey's attorney and will pay a settlement of $1 million. Online video game company E-Sports Entertainment has been accused of infecting thousands of computers belonging to customers in order to illegally mine Bitcoins. E-Sports was established in 2006 and charges subscribers $6.95 per month for its game subscription service. Malware was injected within user computers through software necessary to play games through the subscription service. Once downloaded and installed, the digital currency was mined without user consent. Court documents state that malicious code was installed within the software by two employees, co-founder Eric Thunberg and engineer Sean Hunczak. In a press release, U.S. lawmakers said that thousands of computers were infected when users signed up for its anti-cheat online games service. According to the complaint, the malware also allowed E-Sports to monitor … [Read more...] about Video game firm settles Bitcoin mining dispute for $1 million

In an attempt to help popularise the cryptocurrency, Bitcoin wallet and platform provider Coinbase has removed its merchant fees for the first $1 million in orders. Bitcoin has been seen as one of the possible means for disrupting the existing stranglehold that traditional banks have on financial transactions. Currently, whenever a business accepts payment via credit card, a base percentage fee is charged by banks for assisting in conducting the transaction. This fee is typically 1 to 5 percent of the order for Australian banks. Bitcoin, on the other hand, has no fees for accepting coins into an account, but the process of converting a balance back into fiat currency is much more difficult. However, the latest move by Coinbase has eliminated its merchant fee for the first $1 million. There is still the flat-rate $0.15 fee to take care of automated clearing house fees, but compared to existing banks and even PayPal, it represents much lower overheads for businesses. The volatile nature … [Read more...] about Coinbase drops merchant fees for first $1 million Bitcoin orders

The Internet Archive has received a $1 million donation from the philanthropic Pineapple Fund, which was set up by an anonymous Bitcoin millionaire. The Bitcoin benefactor announced the Pineapple Fund earlier this month, committing the equivalent of $86 million in Bitcoin to a range of good causes. To date, the fund has announced around $18 million in donations to 13 charities, including Charity Water, SENS Research Foundation, Pencils of Promise, the Electronic Frontier Foundation (EFF), and Green Steps. Ten of the fund’s donations so far have amounted to the equivalent of $1 million each. Not a great deal is known about the Pineapple Fund’s benefactor, who has claimed to be donating “a majority” of their cryptocurrency holdings to good causes and who wrote the following statement: Sometime around the early days of Bitcoin, I saw the promise of decentralized money and decided to mine/buy/trade some magical internet tokens. The expectation-shattering … [Read more...] about Internet Archive gets $1 million Bitcoin donation from philanthropic Pineapple Fund

'Tis the season of giving and extensive web vault The Internet Archive is the latest recipient of cash from an anonymous bitcoin benefactor. A few weeks ago, we talked about the Pineapple Fund, a project established by an anonymous bitcoin millionaire who wanted to give away nearly $86 million of his or her bitcoin fortune. And they're making good on their promise. SEE ALSO: Here's what you need to know before you buy bitcoin The donation comes well-timed as the Internet Archive is in the middle of a fund drive to raise $1.5 million. This donation knocks out a huge chunk of that coin. In an online statement, the folks at the Archive said, "We so admire this donor using Bitcoin as the currency of giving this season, and are honored to be the recipients of such a gift. Whoever you are, you are doing a world of good. Thank you." Besides holding helpful tools like the Internet Wayback Machine, which caches versions of websites across the internet, and extensive audio and video vaults, … [Read more...] about Mysterious Pineapple Fund dishes out $1 million to Internet Archive

While the Volkswagen diesel scandal has received the lion’s share of attention recently, General Motors hasn’t fully resolved the ignition switch scandal that began roughly two years ago. On January 18, however, GM announced a settlement with the U.S. Securities and Exchange Commission (SEC) related to the scandal.GM was charged by the SEC with withholding information about its internal ignition switch investigation. The agency contended that knowledge of the investigation was relevant to investors because the ignition switch scandal could negatively impact the company’s finances. Companies are required to note such potentially damaging problems in financial disclosures.Under the settlement, GM will pay a $1 million civil penalty, but will not admit or deny any wrongdoing. The faulty switches created the potential for the ignition to turn off while a car was in motion, cutting power to the vehicle, including the airbags. GM was thought to know about the problem well … [Read more...] about GM agrees to pay $1 million fine over ignition switch scandal

A hacking group called The Shadow Brokers claims to have acquired hacking tools from a group linked to the US National Security Agency (NSA), and is now asking for 1 million Bitcoin (about $568 million) in an auction in exchange for the information.The Shadow Brokers tweeted a manifesto on Saturday, along with screenshots of the file folders it claims to have obtained, to a number of media outlets. The files are allegedly from Equation Group, a codename for a government hacking group widely believed to be the NSA. "Attention government sponsors of cyber warfare and those who profit from it !!!!" the manifesto stated. "How much you pay for enemies cyber weapons?...We find cyber weapons made by creators of stuxnet, duqu, flame...We follow Equation Group traffic. We find Equation Group source range. We hack Equation Group. We find many many Equation Group cyber weapons." SEE: Is US Cyber Command preparing to become the 6th branch of the military?Security firm Kaspersky Group reported on … [Read more...] about Hackers claim to have stolen cyberweapons from NSA, demand 1 million Bitcoin in exchange

Last November, the U.S. Senate dove head-first into the world of Bitcoin, prompted by Security and Governmental Affairs Committee Chairman Tom Carper, a Democratic senator from Delaware who has become very interested in the digital coin. Representatives from law enforcement and financial agencies told the Senate that they weren’t too worried about Bitcoin. The fact that U.S. officials weren’t going after Bitcoin like pitchfork-wielding villagers after Frankenstein reassured Bitcoin speculators, who rocketed its value from $200 to $1200. Now that the U.S. government’s position on Bitcoin is relatively certain, Sen. Carper wants to know what the rest of the world thinks. His committee tasked the Law Library of Congress with surveying over 40 countries for their official stance on Bitcoin and whether Bitcoin is actually in use. Get the Free Tracker App to find a SNES Classic in Stock “Of those countries surveyed, only a very few, notably China and Brazil, … [Read more...] about Bitcoin’s Legality Around The World

Bitcoin’s reputation may have been bruised by its connection to the Silk Road black market and Monday’s indictment of Bitcoin Foundation vice chairman Charlie Shrem. But a panel of Bitcoin-focused investors argued to New York financial regulators Tuesday that Bitcoin’s criminal use is the exception rather than the norm, and that it’s still possible to regulate the digital currency deftly enough to avoid suffocating its potential as a new means of seamless online transactions. Get the Free Tracker App to find a Luvabella in Stock “The vice phase is in the rearview mirror,” Union Square ventures principal partner Fred Wilson told the New York Department of Financial Services panel. “Are people still doing bad things with Bitcoin? Sure. Is the majority of activity with Bitcoin vice? Not a chance.”Wilson went on to suggest a kind of “safe harbor” in proposed Bitcoin regulations, which New York regulators had previously … [Read more...] about Bitcoin Investors Seek ‘Safe Harbor’ Exceptions In Proposed ‘BitLicense’ Regulations

We used to assume that crime happened in predictable places: dark alleys and dicey street corners. Get the Free Tracker App to find a Luvabella in Stock In reality, some of the biggest crimes in the world are occurring in home offices and in family basements: some of the most sophisticated and damaging financial crimes just need an internet connection. A recent study by the Center for Strategic and International Studies and McAfee (a subsidiary of Intel) put the cost of cyberespionage and cybercrime in the U.S. at $100 billion each year. That represents about 1% of the country’s gross domestic product.It’s not just hackers and identity thieves riding the virtual crime wave. These days, the internet has also become a vehicle for money launderers, drug dealers and the black market.Criminals like the internet because they think it’s anonymous. But anonymous is a relative concept. Most any time that goods and services change hands for compensation – even over … [Read more...] about The End Of The (Silk) Road For Bitcoin Millionaire As IRS, Fed Agencies Make Arrests

Get the Free Tracker App to find a SNES Classic in Stock NEW YORK (AP) — The top executive of a Manhattan-based Bitcoin company and a Florida Bitcoin exchanger have been charged with conspiring to commit money laundering by selling more than $1 million in Bitcoins to users of the black market website Silk Road, which let users buy illegal drugs anonymously, authorities said Monday.Charlie Shrem, 24, the chief executive officer of BitInstant and vice chairman of a foundation that promotes the Bitcoin currency system, was arrested Sunday at New York's Kennedy Airport while Robert Faiella was arrested Monday at his Cape Coral, Fla., residence, prosecutors said in a news release. Federal prosecutors in Manhattan said Shrem personally bought drugs on Silk Road and was fully aware that it was a drug-trafficking website.It wasn't immediately clear who would represent Faiella and Shrem in court on Monday.Authorities have said Silk Road's San Francisco operator generated more than $1 … [Read more...] about NY ‘Silk Road’ Bust Arrests 2 Bitcoin Operators